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06-25-18-R
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06-25-18-R
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6/26/2018 10:58:58 AM
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<br />-2- <br />SIGNIFICANT ACCOUNTING POLICIES <br /> <br />Management is responsible for the selection and use of appropriate accounting policies. The significant <br />accounting policies used by the City are described in Note 1 of the notes to basic financial statements. <br /> <br />No new accounting policies were adopted and the application of existing policies was not changed during <br />the year ended December 31, 2017; however, the City implemented the following governmental <br />accounting standards during the fiscal year: <br /> <br />• Governmental Accounting Standards Board (GASB) Statement No. 79, Certain External <br />Investment Pools and Pool Participants, which enhanced disclosures regarding investments. <br />• GASB Statement No. 82, Pension Issues, an amendment of GASB Statements No. 67, No. 68, and <br />No. 73, which addressed certain issues related to pension reporting and disclosures. <br /> <br />We noted no transactions entered into by the City during the year for which there is a lack of authoritative <br />guidance or consensus. All significant transactions have been recognized in the financial statements in the <br />proper period. <br /> <br />ACCOUNTING ESTIMATES AND MANAGEMENT JUDGMENTS <br /> <br />Accounting estimates are an integral part of the financial statements prepared by management and are <br />based on management’s knowledge and experience about past and current events and assumptions about <br />future events. Certain accounting estimates are particularly sensitive because of their significance to the <br />financial statements and because of the possibility that future events affecting them may differ <br />significantly from those expected. The most sensitive estimates affecting the financial statements were: <br /> <br />• Depreciation – Management’s estimates of depreciation expense are based on the estimated <br />useful lives of the assets. <br /> <br />• Compensated Absences – Management’s estimate is based on current rates of pay and unused <br />compensated absences balances. <br /> <br />• Pension Benefits – The City has recorded amounts and activities for pension benefits. Actuarial <br />estimates of the net pension balances are calculated using actuarial methodologies described in <br />GASB Statement No. 68. The actuarial calculations include significant assumptions, including <br />projected changes, investment returns, retirement ages, proportionate share, and employee <br />turnover. <br /> <br />We evaluated the key factors and assumptions used by management to develop these estimates in <br />determining that they are reasonable in relation to the basic financial statements taken as a whole. <br /> <br />The financial statement disclosures are neutral, consistent, and clear. <br /> <br />CORRECTED AND UNCORRECTED MISSTATEMENTS <br /> <br />Professional standards require us to accumulate all known and likely misstatements identified during the <br />audit, other than those that are clearly trivial, and communicate them to the appropriate level of <br />management. Where applicable, management has corrected all such misstatements. In addition, none of <br />the misstatements detected as a result of audit procedures and corrected by management, when applicable, <br />were material, either individually or in the aggregate, to each opinion unit’s financial statements taken as <br />a whole.
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